Budget or Fudge It: The Budgeting Software Quiz

Interested in knowing how the software that keeps you on budget actually works? Looking to try out some new options for your home or business? Let's see how much you know.

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Question 1 of 20

What was the first commercially available spreadsheet program?

VisiCalc

The name might not mean much now, but VisiCalc paved the way for budgeting software.

VisionCalc

VisiCalculator

Question 2 of 20

Who's the leading software maker in the field?

Intuition

Intuit

Intuit's multiple offerings make it one of the most popular choices.

Microsoft

Question 3 of 20

What year was Mint purchased by Intuit?

2008

2009

Mint was purchased in 2009

2011

Question 4 of 20

What year did Microsoft stop producing its Money program?

2007

2008

2009

Microsoft stopped making MS Money the same year Mint was purchased by Intuit.

Question 5 of 20

How much does small business software typically cost?

Between $500 and $1,000

Between $100 and $400

Small business software is a bit more expensive than personal software and typically costs between $100 and $400, depending on the features you're looking for.

Between $25 and $100

Question 6 of 20

Do I have to purchase budgeting software in a brick and mortar store?

You need to order the software online before you can use it.

For security reasons you need to purchase a boxed copy in a store.

No, many programs can be downloaded online or are entirely Web based.

Like a lot of software now, you can purchase it in a number of ways.

Question 7 of 20

What's the primary goal of budgeting software?

To tell you how much money you have.

To help you make financial decisions by integrating all of your accounts in one place.

While it might be nice if budgeting software somehow forced you into saving money, its real purpose is to give you an overview of your finances and to help you make decisions.

To force you to save money.

Question 8 of 20

How much does personal budgeting software typically cost?

Free to $100

Personal budgeting software is usually a lot cheaper than the small business version. In fact, you can get it for free from a lot of places, but depending on the features you're looking for, it may cost as much as $100.

$100 to $400

$500 to $1,000

Question 9 of 20

What is one of the biggest and most recent advances in budgeting software?

New mobile applications which help you track expenses anywhere.

You wouldn't think budgeting software has changed much over the years, but the addition of mobile applications has been a boon for people looking to track finances on the go.

New services that let you export content from your bank.

New math that helps you save money by using the software.

Question 10 of 20

Can spreadsheets be used as budgeting software -- for free?

No, spreadsheets can't track that kind of information -- at least not for free.

Yes, you can download free budgeting spreadsheets online.

Don't let anyone ever charge you for templates using spreadsheet programs. There are plenty of free options.

Question 11 of 20

What are the concerns with Web-application versions of budgeting software?

They're not as full-featured as their software counterparts.

Security, since you're signing in with multiple accounts, including your bank account.

Online versions of budgeting software are getting more popular, but security is still a big concern.

They don't allow you to integrate your bank accounts.

Question 12 of 20

How does budgeting software tell the difference between purchases?

By looking over the receipt and deciding based on what you purchased.

It just knows.

By looking at the point of sale and comparing it to a database.

While it might be handy if it could read your receipts and base it on that, the software only looks at the store you purchased your items from.

Question 13 of 20

Are free solutions safe?

No, they will steal your bank information.

Yes, but it's still important to look at online reviews before entering your bank account information.

Like any software, you'll want to research before your start using it, especially if it's a free solution that requires secure information.

Question 14 of 20

Is budgeting software really just a balanced checkbook?

Budgeting software is only for budgeting.

Budgeting software doesn't handle the balancing of your expenses.

As the name suggests, budgeting software is all about balancing and budgeting for future purchases.

It's more like a balanced checkbook on steroids -- one that helps you better plan your savings.

Question 15 of 20

How does budgeting software automatically link to my bank account?

You enter in your credit or debit card number.

It doesn't; you have to manually enter in all of your receipts.

You enter in your bank login information.

If the software ever asks you for a credit card number, don't enter it. It should only want your bank login information.

Question 16 of 20

Can I use personal budgeting software for a business?

No, business accounts are automatically locked out of personal budgeting software.

Yes, but you won't get features like inventory or payroll, so it depends on the type of small business you run.

You can, but you'll be missing a lot of helpful features.

Question 17 of 20

How does budgeting software figure out how to save money?

Many programs allow you to set a type of savings plan, and the budgeting software simply does the math to figure out how much you need to save.

While it might be nice to get specific tips, most budgeting software just tells you what to set aside.

It tells you to stop spending so much money on coffee everyday.

It balances your checkbook.

Question 18 of 20

What types of reports would I get with business software?

book reports and report cards

Business software cannot generate reports.

financial forecasts, spending habits and expense reports

Most business software will give any type of report you can think of, but the most helpful are financial forecasts, spending habits and expense reports.

Question 19 of 20

Can budgeting software send me alerts if my account is hacked?

Yes, many will let you know via e-mail or text message if it notices an unusual charge in your bank account.

If your software is linked to your bank account, it can send you alerts for suspicious charges.

No, only your bank can send you that information.

Question 20 of 20

What are some options other than Quicken for budgeting software?

Quicken is the only option for budgeting software.

Microsoft Word, Photoshop and iTunes

Mint.com, Peachtree, Plan Guru, You Need a Budget

There are a lot of options, with Mint.com, Peachtree, Plan Guru and You Need a Budget garnering the most recommendations.